U.S. Markets closed
  • S&P 500

    3,635.41
    +57.82 (+1.62%)
     
  • Dow 30

    30,046.24
    +454.97 (+1.54%)
     
  • Nasdaq

    12,036.79
    +156.15 (+1.31%)
     
  • Russell 2000

    1,853.53
    +35.23 (+1.94%)
     
  • Crude Oil

    44.84
    -0.07 (-0.16%)
     
  • Gold

    1,806.80
    +2.20 (+0.12%)
     
  • Silver

    23.30
    0.00 (0.00%)
     
  • EUR/USD

    1.1906
    +0.0010 (+0.0833%)
     
  • 10-Yr Bond

    0.8820
    +0.0250 (+2.92%)
     
  • Vix

    21.64
    -1.02 (-4.50%)
     
  • GBP/USD

    1.3357
    -0.0001 (-0.0094%)
     
  • USD/JPY

    104.4820
    +0.0020 (+0.0019%)
     
  • BTC-USD

    19,114.77
    +19,114.77 (+0.00%)
     
  • CMC Crypto 200

    377.31
    +7.56 (+2.04%)
     
  • FTSE 100

    6,432.17
    +98.33 (+1.55%)
     
  • Nikkei 225

    26,165.59
    +638.22 (+2.50%)
     

Blue Ridge Bankshares, Inc. Announces Third Quarter Earnings

·24 min read

CHARLOTTESVILLE, Va., Oct. 28, 2020 /PRNewswire/ -- Blue Ridge Bankshares, Inc. (the "Company") (NYSE American: BRBS) announced today its third quarter 2020 net income of $5.1 million, or $0.88 earnings per share, compared to $6.2 million, or $1.10 earnings per share, for the quarterly period ended June 30, 2020, and $1.3 million, or $0.29 earnings per share, for the quarterly period ended September 30, 2019. Earnings for the third quarter of 2020 include approximately $1.1 million in one-time expenses related to the proposed merger with Bay Banks of Virginia, Inc. ("Bay Banks") (OTCQB: BAYK). The Company continues to experience record quarterly earnings, largely attributable to its mortgage division and the increased loan volumes. The Company also continued to recognize Paycheck Protection Program ("PPP") loan processing fees over the expected loan lives throughout the third quarter, which was largely offset by increased loan loss provisioning due to the uncertainty surrounding COVID-19 and its long-term economic impact. Additionally, the Company was pleased to declare a third quarter 2020 dividend of $0.1425 per share, payable on October 30, 2020 to shareholders of record as of the close of business on October 22, 2020.

BRBS
BRBS

"Our team continues to proactively serve our clients and communities with unparalleled dedication," said Brian K. Plum, President and Chief Executive Officer. "The ongoing combination of Paycheck Protection Program fee accretion and a historically strong mortgage market has enabled us to achieve record earnings while funding our loan loss provision at meaningful levels."

"We remain vigilantly engaged on the loan portfolio and maintain an open line of communication with borrowers as we work through the fallout of COVID-19 together," Plum added. "While the overall economic recovery this year has been strong and deferrals have significantly fallen, we recognize that many borrowers continue to struggle and will do so for the foreseeable future in an uncertain environment. We anticipate these conditions will contribute to a deterioration of asset quality in coming quarters."

Proposed Merger

On August 13, 2020, the Company announced the signing of a definitive merger agreement with Bay Banks, pursuant to which the companies will combine in an all-stock merger with the Company as the surviving company. At or immediately following consummation of the merger, Virginia Commonwealth Bank, the wholly-owned commercial banking subsidiary of Bay Banks, will be merged with and into Blue Ridge Bank, National Association (the "Bank"), the wholly-owned commercial banking subsidiary of Blue Ridge, with the Bank as the surviving bank.

Paycheck Protection Program

The Company funded over 2,400 PPP loans totaling approximately $361 million, as of September 30, 2020. Estimated PPP processing fees earned by the Company for these loans is approximately $11.5 million. The Company funded these loans, which have a statutory loan interest rate of 1.00%, using the Federal Reserve Paycheck Protection Program Liquidity Facility ("PPPLF"), which provides 100% funding at a cost of 0.35%. PPP loans do not count toward bank regulatory capital ratios. The Company is currently working with PPP borrowers through the forgiveness phase of the program. As of October 28, 2020, $48.7 million in PPP loans have been submitted and are awaiting full forgiveness.

COVID-19 Response

The Company resumed normalized branch operations early in the third quarter and continues to follow appropriate hygienic and distancing guidelines. While branch traffic has steadily improved, the Company believes digital use adoption following COVID-19 will have a meaningful impact on future customer behaviors and business investment decisions.

Asset Quality

Nonperforming loans and loans 90 days or more past due totaled $4.5 million at September 30, 2020, a decrease of $1.7 million, or 27.1%, from June 30, 2020. The Company's provision for loan losses amounted to $4.0 million for the third quarter of 2020, compared to $3.5 million in the second quarter of 2020. The increased provisioning in the second and third quarters is related to the continued uncertainty surrounding COVID-19 and its impact on the Company's borrowers.

In response to COVID-19, the Company approved 553 loan deferrals for a total of $110.6 million, or 16.3% of the held-for-investment loan portfolio excluding PPP loans, as of October 20, 2020. Approximately $104.1 million, or 94.1%, of these deferred loan balances are now past the deferment period and are back on normal payment schedules. At the time of this release, the Company was aware of five borrowers with loan balances totaling $6.5 million that were either still in deferral or in the process of requesting a second deferral for a period of three months. The Company is closely monitoring the past due loan portfolio, and proactively staying in touch with borrowers, especially as it relates to high-risk industries as outlined below.

The economic fallout from COVID-19 is materially impacting all parts of the economy, and especially certain industries. The information below provides the Company's exposure to these industries, utilizing the Company's NAICS coding on its loan accounting system as of October 20, 2020:

Industry by NAICS Code

Number of
Borrowers


Total Loan
Balance

Hotels and Motels

13


$28,436,530

Bed and Breakfasts

5


2,748,650

All Other Traveler

Accommodations

7


4,409,971

Full-Service Restaurants

17


4,091,938

Limited-Service Restaurants

11


4,707,694

Religious Organizations

36


7,245,171

TOTAL

89


$51,639,954

Balance Sheet

The Company had total assets of $1.5 billion at September 30, 2020, an increase of $562.5 million, or 58.6%, from December 31, 2019 and a decrease of $62.5 million, or 3.9% from June 30, 2020. The increase in total assets year-to-date was primarily driven by PPP. Loans held for investment increased $392.3 million, or 60.7% from December 31, 2019, and $17.7 million, or 1.7%, from June 30, 2020. Included in this increase is approximately $361.8 million in PPP loans originated year-to-date, and $11.8 million in PPP loans originated in the third quarter. A majority of these loans are fully funded by the Federal Reserve's PPPLF program, resulting in a corresponding increase in other borrowed funds on the balance sheet. The decline in total assets for the third quarter is largely due to the maturity of additional funding obtained in the first half of the year, included in cash and due from banks, in response to the insecurity surrounding COVID-19. The Company continues to test liquidity sources to ensure proper funding is available as the uncertainty around COVID-19 remains at the forefront. Total deposits increased $193.2 million, or 26.8%, from December 31, 2019, and decreased $50.6 million, or 5.2% from June 30, 2020. Noninterest demand deposit accounts increased $100.8 million, or 56.7% year-to-date and decreased $6.6 million, or 2.3% for the third quarter. The increase in deposits year-to-date was attributable to funds retained from PPP customers as well as the build-up of liquidity in response to COVID-19. The decrease in the third quarter is largely due to the maturity of some of those additional liquidity reserves.

The Company experienced held-for-sale loan growth of $137.5 million, or 247.1%, year-to-date, and $65.3 million, or 51.1% in the third quarter. The growth in available-for-sale loans was due to an uptick in volume created by market conditions and the continued expansion of our retail and wholesale mortgage operations.

Income Statement

Net Interest Income

Net interest income was approximately $11.8 million for the quarter ended September 30, 2020, compared to $10.6 million for the second quarter of 2020, and $5.4 million for the quarter ended September 30, 2019. Included in third quarter net interest income was approximately $3.8 million in net PPP related loan income. The Company's cost of deposits remained steady in the third quarter, decreasing slightly to 0.64% from 0.65% for the second quarter of 2020. Net interest margin increased to 3.26% in the third quarter from 3.19% in the second quarter of 2020, due to slight yield improvement in certain loan categories. The Company continues to experience margin pressure, including the net interest margin on its large PPP loan portfolio, which is 0.65%.

Other Income

Other income for the third quarter ended September 30, 2020 was $17.7 million compared to $16.5 million for the quarter ended June 30, 2020. This increase is attributable to increased mortgage revenue of $739 thousand in the third quarter in addition to the gains on the sale of government guaranteed loans, which amounted to $272 thousand in third quarter. Year-to-date mortgage volume for 2020 was over $900 million through September 30, 2020, a record for the Company.

Other Expense

Other expenses for the third quarter ended September 30, 2020 were $18.8 million compared to $15.8 million in the second quarter of 2020. The majority of this increase relates to the aforementioned one-time merger expenses of $1.1 million. Additionally, salaries and benefits increased $960 thousand for the third quarter of 2020 due to bonuses and commissions for the mortgage division in relation to increased volume.

Mortgage Division

The Company's mortgage operations, which consists of its retail division operating as Monarch Mortgage and its wholesale division operating as LenderSelect Mortgage Group, recorded net income of $4.3 million for the third quarter compared to $5.1 million in the second quarter of 2020. The primary driver of these record earnings for the mortgage division was increased volume, largely due to the low rate environment, expansion of the retail business line, the addition of the wholesale business line in late 2019, and retaining mortgage servicing rights ("MSRs") beginning in the second quarter of 2020. Income related to MSRs increased from $1.6 million through June 30, 2020 to $3.2 million year-to-date through September 30, 2020.

Capital and Dividends

The Company continually monitors its capital position and is particularly focused on the potential impact that the fallout from COVID-19 will have on its capital position. The Company remains confident in its ability to maintain capital levels at amounts required for regulatory purposes and for the payment of its common stock dividend, but the ability to maintain its dividend payment remains highly dependent on the depth and breadth of the economic impact of COVID-19. The Company may, depending on conditions, find it necessary to suspend common stock dividends.

Non-GAAP Financial Measures

The accounting and reporting policies of the Company conform to U.S. generally accepted accounting principles ("GAAP") and prevailing practices in the banking industry. However, management uses certain non-GAAP measures to supplement the evaluation of the Company's performance. Management believes presentations of these non-GAAP financial measures provide useful supplemental information that is essential to a proper understanding of the operating results of the Company's core businesses. These non-GAAP disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Reconciliations of GAAP to non-GAAP measures are included at the end of this release.

Forward-Looking Statements

This release of Blue Ridge Bankshares, Inc. (the "Company") contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent plans, estimates, objectives, goals, guidelines, expectations, intentions, projections and statements of the Company's beliefs concerning future events, business plans, objectives, expected operating results and the assumptions upon which those statements are based. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and are typically identified with words such as "may," "could," "should," "will," "would," "believe," "anticipate," "estimate," "expect," "aim," "intend," "plan," or words or phases of similar meaning. The Company cautions that the forward-looking statements are based largely on its expectations and are subject to a number of known and unknown risks and uncertainties that are subject to change based on factors which are, in many instances, beyond the Company's control. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements.

The following factors, among others, could cause the Company's financial performance to differ materially from that expressed in such forward-looking statements: (i) the strength of the United States economy in general and the strength of the local economies in which the Company conducts operations; (ii) geopolitical conditions, including acts or threats of terrorism, or actions taken by the United States or other governments in response to acts or threats of terrorism and/or military conflicts, which could impact business and economic conditions in the United States and abroad; (iii) the effects of the COVID-19 pandemic, including the adverse impact on the Company's business and operations and on the Company's customers which may result, among other things, in increased delinquencies, defaults, foreclosures and losses on loans; (iv) the occurrence of significant natural disasters, including severe weather conditions, floods, health related issues, and other catastrophic events; (v) the Company's management of risks inherent in its real estate loan portfolio, and the risk of a prolonged downturn in the real estate market, which could impair the value of the Company's collateral and its ability to sell collateral upon any foreclosure; (vi) changes in consumer spending and savings habits; (vii) technological and social media changes; (viii) the effects of, and changes in, trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System, inflation, interest rate, market and monetary fluctuations; (ix) changing bank regulatory conditions, policies or programs, whether arising as new legislation or regulatory initiatives, that could lead to restrictions on activities of banks generally, or the Company's subsidiary bank in particular, more restrictive regulatory capital requirements, increased costs, including deposit insurance premiums, regulation or prohibition of certain income producing activities or changes in the secondary market for loans and other products; (x) the impact of changes in financial services policies, laws and regulations, including laws, regulations and policies concerning taxes, banking, securities and insurance, and the application thereof by regulatory bodies; (xi) the impact of changes in laws, regulations and policies affecting the real estate industry; (xii) the effect of changes in accounting policies and practices, as may be adopted from time to time by bank regulatory agencies, the Securities and Exchange Commission (the "SEC"), the Public Company Accounting Oversight Board, the Financial Accounting Standards Board or other accounting standards setting bodies; (xiii) the timely development of competitive new products and services and the acceptance of these products and services by new and existing customers; (xiv) the willingness of users to substitute competitors' products and services for the Company's products and services; (xv) the effect of acquisitions the Company may make, including, without limitation, the failure to achieve the expected revenue growth and/or expense savings from such acquisitions; (xvi) changes in the level of the Company's nonperforming assets and charge-offs; (xvii) the Company's involvement, from time to time, in legal proceedings and examination and remedial actions by regulators; (xviii) potential exposure to fraud, negligence, computer theft and cyber-crime; (xix) the Company's ability to pay dividends; (xx) the Company's involvement as a participating lender in the PPP as administered through the U.S. Small Business Administration; (xxi) expenses related to the Company's proposed merger with Bay Banks, unexpected delays related to the merger, or the inability to obtain regulatory and shareholder approvals or satisfy other closing conditions required to complete the merger; and (xxii) other risks and factors identified in the "Risk Factors" sections and elsewhere in documents the Company files from time to time with the SEC.

Blue Ridge Bankshares, Inc.
















Five Quarter Summary of Selected Financial Data


















Three Months Ended



September 30,


June 30,


March 31,


December 31,


September 30,

(Dollars and shares in thousands, except per share data)


2020


2020


2020


2019


2019

Income Statement Data:


Unaudited


Unaudited


Unaudited


Unaudited


Unaudited

Interest and Dividend Income


$

14,444


$

13,167


$

10,423


$

8,457


$

8,118

Interest Expense



2,615



2,522



2,400



2,577



2,682

Net Interest Income



11,829



10,645



8,023



5,880



5,436

Provision for Loan Losses



4,000



3,500



575



277



570

Net Interest Income After Provision for Loan Losses



7,829



7,145



7,448



5,603



4,866

Noninterest Income



17,748



16,524



4,998



4,541



4,973

Noninterest Expenses



18,812



15,807



11,338



9,628



8,206

Income before income taxes



6,765



7,862



1,108



516



1,633

Income tax expense (benefit)



1,707



1,644



267



(17)



380

Net income



5,058



6,218



841



533



1,253

Net income attributable to noncontrolling interest



4



4



(9)



(3)



(3)

Net income attributable to Blue Ridge Bankshares, Inc.


$

5,062


$

6,222


$

832


$

530


$

1,250

Per Common Share Data:
















Net income-basic


$

0.88


$

1.10


$

0.15


$

0.10


$

0.29

Net income-diluted



0.88



1.10



0.15



0.10



0.29

Dividends declared



0.1425



0.1425



0.1425



0.1425



0.1425

Book value per common share



17.47



16.83



15.95



16.32



15.09

Tangible book value per common share



13.47



12.72



11.80



12.14



14.00

Balance Sheet Data:
















Assets


$

1,523,299


$

1,585,798


$

1,027,605


$

960,811


$

736,238

Loans held for investment



1,039,180



1,021,465



670,935



646,834



460,878

Loans held for sale



193,122



127,796



90,019



55,646



80,255

Securities



123,329



114,003



120,254



128,897



142,712

Deposits



915,266



965,857



769,160



722,030



520,280

Subordinated Debt, net



24,489



24,472



9,809



9,800



9,792

Other borrowed funds



459,611



478,412



140,900



124,800



129,600

Total equity



99,930



95,159



90,274



92,338



65,597

Average common shares outstanding - basic



5,719



5,659



5,664



4,588



4,347

Average common shares outstanding - diluted



5,719



5,659



5,664



4,588



4,347

Financial Ratios:
















Return on average assets *



1.30%



1.90%



0.34%



0.25%



0.69%

Return on average equity *



20.74%



26.83%



3.68%



2.70%



7.73%

Total loan to deposit ratio



134.64%



118.99%



98.93%



97.29%



104.01%

Held for investment loan to deposit ratio



113.54%



105.76%



87.23%



89.59%



88.58%

Net interest margin



3.26%



3.19%



3.71%



3.46%



3.16%

Cost of deposits



0.64%



0.65%



0.95%



1.29%



1.35%

Efficiency ratio



73.55%



66.78%



91.10%



94.91%



83.40%

Capital and Credit Quality Ratios:
















Average Equity to Average Assets



6.27%



7.10%



9.18%



9.31%



8.90%

Allowance for loan losses to loans held for investment



1.17%



0.80%



0.73%



0.71%



0.96%

Nonperforming loans to total assets



0.30%



0.39%



0.50%



0.54%



0.78%

Nonperforming assets to total assets



0.30%



0.39%



0.50%



0.54%



0.78%

Net charge-offs to total loans held for investment



0.01%



0.02%



0.04%



0.02%



0.05%

Net charge-offs to average loans held for investment (Annualized)


0.03%



0.09%



0.15%



0.08%



0.19%

















Reconciliation of Non-GAAP Disclosures (Unaudited):
































Tangible Common Equity:
















Common equity (GAAP)


$

99,930


$

95,159


$

90,274


$

92,338


$

65,597

Less: Goodwill and amortizable intangibles



(22,914)



(23,264)



(23,456)



(23,633)



(4,722)

Tangible common equity (Non-GAAP)


$

77,016


$

71,895


$

66,818


$

68,705


$

60,875

















Total shares outstanding



5,719



5,654



5,661



5,659



4,347

















Book Value per Share (GAAP)


$

17.47


$

16.83


$

15.95


$

16.32


$

15.09

Tangible Book Value per Share (Non-GAAP)


$

13.47


$

12.72


$

11.80


$

12.14


$

14.00

































* Annualized
















Blue Ridge Bankshares, Inc.

Consolidated Balance Sheets












(Unaudited)



(Audited)



(Unaudited)



September 30,



December 31,



September 30,

ASSETS


2020



2019



2019










Cash and due from banks

$

77,596,236


$

60,026,071


$

22,317,907

Federal funds sold


-



480,000



285,000

Investment securities









Securities available for sale (at fair value)


113,888,827



108,571,161



121,739,785

Securities held to maturity


-



12,192,139



13,117,160

Restricted investments


9,440,580



8,133,519



7,855,079










Total Investment Securities


123,329,407



128,896,819



142,712,024










Loans held for sale


193,121,852



55,646,215



80,255,143

Loans held for investment


1,039,180,070



646,833,864



460,878,329

Allowance for loan losses


(12,123,387)



(4,572,371)



(4,404,593)










Net Loans Held for Investment


1,027,056,683



642,261,493



456,473,736










Bank premises and equipment, net


14,946,576



13,650,556



3,457,100

Bank owned life insurance


15,012,705



14,734,261



8,870,920

Goodwill


19,892,331



19,914,942



3,306,664

Other intangible assets


3,022,085



3,718,319



1,415,123

Other assets


49,321,294



21,482,629



17,144,336










Total Assets

$

1,523,299,169


$

960,811,305


$

736,237,953










LIABILITIES



























Demand deposits









Noninterest bearing

$

278,583,746


$

177,819,205


$

91,840,165

Interest bearing


303,051,674



220,776,065



160,302,009

Savings deposits


73,273,954



62,479,898



31,352,186

Time deposits


260,356,861



260,954,991



236,786,100










Total Deposits


915,266,235



722,030,159



520,280,460










Federal funds purchased


135,000



-



-










Other borrowed funds


459,475,705



124,800,000



129,600,000

Subordinated debt, net of issuance costs


24,489,071



9,800,434



9,791,964

Other liabilities


24,003,294



11,843,037



10,968,831










Total liabilities


1,423,369,305



868,473,630



670,641,255










STOCKHOLDERS' EQUITY


















Common stock, no par value, authorized - 25,000,000 shares;









outstanding - 5,718,621 shares at 9/30/20, 5,658,585 shares









at 12/31/19, and 4,346,866 at 9/30/19)


66,555,535



66,204,739



38,731,340

Contributed equity


251,543



251,543



251,543

Retained earnings


35,107,023



25,428,056



25,516,493

Accumulated other comprehensive income


(2,210,138)



229,051



876,027










Total Stockholders' Equity


99,703,963



92,113,389



65,375,403

Noncontrolling interest


225,901



224,286



221,295

Total Equity


99,929,864



92,337,675



65,596,698










Total Liabilities and Equity

$

1,523,299,169


$

960,811,305


$

736,237,953

Blue Ridge Bankshares, Inc.

Consolidated Statements of Income









(Unaudited)



(Unaudited)



Nine Months



Nine Months



Ended



Ended



September 30, 2020



September 30, 2019

INTEREST INCOME






Interest and fees on loans held for investment

$

33,346,074


$

18,307,079

Interest and fees on loans held for sale


2,420,270



1,333,271

Interest on federal funds sold


1,948



5,995

Interest and dividends on taxable investment securities


2,146,553



2,601,462

Interest and dividends on nontaxable investment securities


119,481



182,651







Total Interest Income


38,034,326



22,430,458







INTEREST EXPENSE






Interest on savings and interest bearing demand deposits


1,191,818



1,194,254

Interest on time deposits


3,697,433



3,296,668

Interest on borrowed funds


2,648,245



2,452,149







Total Interest Expense


7,537,496



6,943,071







Net Interest Income


30,496,830



15,487,387







PROVISION FOR LOAN LOSSES


8,075,000



1,465,000







Net Interest Income after Provision for Loan Losses


22,421,830



14,022,387







OTHER INCOME






Service charges on deposit accounts


668,804



458,724

Earnings on investment in life insurance


278,444



874,337

Gain on sale of mortgages and brokerage income


31,968,720



10,966,532

Mortgage servicing income


3,241,070



-

Gain (loss) on disposal of assets


(115,620)



2,080

Gain (loss) on sale of securities


208,836



85,666

Gain (loss) on sale of OREO


-



(33,399)

Gain on sale of guaranteed USDA loans


778,559



298,288

Other noninterest income


2,241,377



1,602,888







Total Other Income


39,270,190



14,255,116







OTHER EXPENSES






Salaries and employee benefits


30,140,768



14,148,864

Occupancy and equipment


2,653,339



1,867,813

Data processing


1,799,268



1,068,695

Legal, issuer, merger, and regulatory filing fees


2,072,806



929,851

Advertising


517,638



606,854

Communications


536,447



334,450

Debit card


465,365



241,914

Directors fees


335,104



174,050

Audits and examinations


290,737



175,026

FDIC insurance


567,926



256,000

Other contractual services


870,432



269,626

Other taxes and assessments


748,405



746,361

Other operating


4,958,570



2,397,958







Total Other Expenses


45,956,805



23,217,462







Income before Income Taxes


15,735,215



5,060,041







INCOME TAX EXPENSE


3,618,349



989,296







Net Income


12,116,866



4,070,745

Net Income attributable to noncontrolling interest


(1,614)



(21,251)

Net Income attributable to Blue Ridge Bankshares, Inc.

$

12,115,252


$

4,049,494







Net Income Available to Common Stockholders

$

12,115,252


$

4,049,494







Earnings per Share

$

2.13


$

1.01







Weighted Average Shares Outstanding


5,680,930



3,998,267

Blue Ridge Bankshares, Inc.

Consolidated Statements of Income









(Unaudited)



(Unaudited)



Three Months



Three Months



Ended



Ended



September 30, 2020



September 30, 2019

INTEREST INCOME






Interest and fees on loans held for investment

$

12,667,320


$

6,363,731

Interest and fees on loans held for sale


1,112,631



562,877

Interest on federal funds sold


292



2,006

Interest and dividends on taxable investment securities


633,713



1,133,468

Interest and dividends on nontaxable investment securities


30,403



55,904







Total Interest Income


14,444,359



8,117,986







INTEREST EXPENSE






Interest on savings and interest bearing demand deposits


325,226



457,231

Interest on time deposits


1,189,521



1,305,869

Interest on borrowed funds


1,100,716



918,999







Total Interest Expense


2,615,463



2,682,099







Net Interest Income


11,828,896



5,435,887







PROVISION FOR LOAN LOSSES


4,000,000



570,000







Net Interest Income after Provision for Loan Losses


7,828,896



4,865,887







OTHER INCOME






Service charges on deposit accounts


214,529



171,151

Earnings on investment in life insurance


93,738



58,915

Gain on sale of mortgages and brokerage income


14,399,627



3,942,644

Mortgage servicing income


1,644,739



-

Gain (loss) on disposal of assets


(112,066)



-

Gain (loss) on sale of securities


208,836



85,666

Gain on sale of guaranteed USDA loans


515,631



251,768

Other noninterest income


784,086



462,749







Total Other Income


17,749,120



4,972,893







OTHER EXPENSES






Salaries and employee benefits


11,880,126



5,078,753

Occupancy and equipment expenses


921,692



627,281

Data processing


674,522



412,632

Legal, issuer, merger, and regulatory filing fees


1,536,062



295,187

Advertising expense


164,827



191,448

Communications


214,436



122,781

Debit card expenses


136,999



81,627

Directors fees


219,704



51,750

Audits and examinations


98,894



86,885

FDIC insurance expense


187,150



86,000

Other contractual services


515,995



89,292

Other taxes and assessments


279,617



257,056

Other noninterest expense


1,982,129



825,627







Total Other Expenses


18,812,153



8,206,319







Income before Income Taxes


6,765,863



1,632,461







INCOME TAX EXPENSE


1,706,805



379,322







Net Income


5,059,058



1,253,139

Net Income attributable to noncontrolling interest


3,945



(3,075)

Net Income attributable to Blue Ridge Bankshares, Inc.

$

5,063,003



1,250,064







Net Income Available to Common Stockholders

$

5,063,003


$

1,250,064







Earnings per Share

$

0.88


$

0.29







Weighted Average Shares Outstanding


5,718,621



4,346,866

Cision
Cision

View original content to download multimedia:http://www.prnewswire.com/news-releases/blue-ridge-bankshares-inc-announces-third-quarter-earnings-301162313.html

SOURCE Blue Ridge Bankshares, Inc.